Azerbaijan Establishes New Agency to Oversee Antimonopoly and Consumer Market Control

Azerbaijan's foreign debt has decreased, while its domestic debt has increased. As of July 1, 2024, the foreign debt stood at 5.3613 billion USD. This marks a decrease of 1.0999 billion USD, or 17%, compared to the beginning of the year.

In a notable shift in Azerbaijan’s fiscal space, the country’s domestic public debt has soared, rising 3.3 times in the first half of 2024 compared to the same period last year. By mid-year, the debt reached 16,571.9 million manats, equivalent to 23.5% of GDP, according to data released by the Ministry of Finance. This rapid increase has sparked debate over the country's fiscal strategy as the government navigates a complex balance between stimulating economic growth and managing rising debt.

The Federation of Chambers of Commerce of the Gulf Cooperation Council (GCC) will organize the second Economic Forum "Gulf-Azerbaijan" in Baku on September 25-26, aiming to strengthen trade relations between the Gulf countries and Azerbaijan.

For the first time since the onset of Russia's full-scale war against Ukraine, Russian President Vladimir Putin has made an official state visit to Baku, underscoring a renewed focus on strengthening economic ties. The visit, marking a significant diplomatic engagement, primarily focused on expanding cooperation in the energy sector, as noted by economist Gubad Ibadoglu.